Errol King, Rawson Properties franchisee for Muizenberg, and one of his longer serving consultants, Peter Wetton, have embarked on a knock-and-drop campaign to publicise the exceptional value that, they say, is now to be found in many small homes in the Capricorn area of Muizenberg.
Most of these, says King, are within 500 metres of Sunrise Beach and have been developed in the last five years.
King said that his team have steadily been selling homes in The Breakers, Victoria Close and Costa da Gama (all situated off the M5 opposite Marina da Gama). Investors here, he said, are usually recovering close to 50% of their monthly bond repayments and seeing annual price rises in the 12 to 15% range.
'In The Breakers,' said Wetton, 'we are currently selling two and three bedroom homes in a R485 000 to R580 000 range. Some of these have plot sizes over 200m².
'At Victoria Close we sold a 65m² three bedroom two bathroom home on a 329m² plot for R695 000 while in Costa da Gama we can this week offer buyers a two bedroom home for R595 000. There are not many Cape Peninsula middle class areas with homes in this price bracket'
The Breakers and Victoria Close, said Wetton, have the huge additional advantage of now being security villages with electrified fencing and controlled entrances/exits.
'What, however, really makes all homes in these areas good buys is that price-wise they are exceptionally competitive with new developments in the area which now reflect the 40% plus escalation in building costs seen over the last two years' As markets fluctuate, buyers are resorting to different methods to become homeowners, especially building for themselves or buying plot and plan in large multi-unit projects '“ but right now, in our view, buying an existing home two to five years old gives the best value for money.
Homes in The Breakers, Victoria Close and Costa da Gama, added Wetton, often have 'extras' such as built-in cupboards, curtain rails, completely fitted kitchens and garages, which are not always offered in many new projects '“ and usually also have established gardens. In addition, he said, initial teething snags, cracks and other problems have usually been seen to.
'Ongoing new development in this area, 'said King, 'has raised its image and made it sought after '“ but there can be no doubt that it is the established homes which rand for rand now offer the best value on the False Bay coastline'
